Micro Businesses (one to five employees) make up 31 percent of all small businesses and 15 percent of the total workforce. For banks this is an important market, accounting for more than half of all deposits and lending for customers with a turnover less than $100 million. Yet Telstra’s research has shown that the banks are not meeting service expectations, and the problem is getting worse.
Telstra has just released a paper “Servicing Micro Businesses: What Financial Institutions Need to Know“. It’s a worthwhile read for anyone servicing the micro business sector. The report’s author Rocky Scopelliti, General Manager for Industry Development at Telstra Enterprise and Government, says about two-thirds of micro-business employees work from multiple locations, with this figure set to reach nearly three-quarters by 2012.
Clearly you need to ensure that these people can access the help they need through a smart mobile device, as one of multiple channels you use to service the customer. Social researcher Mark McCrindle adds that this becomes even more important as the sector moves from Baby Boomers to the more technology savvy Generation X and Y.